BTIG Research Reiterates Buy Rating for Spyre Therapeutics (NASDAQ:SYRE)

Key Points

• BTIG Research has reaffirmed a **"buy" rating** for Spyre Therapeutics (NASDAQ:SYRE), with a price target of **$70.00**, suggesting a potential upside of **371.70%** from its previous close.
• Spyre Therapeutics recently reported earnings of **($0.49) EPS**, beating analysts' expectations, and analysts predict an EPS of **-4.46** for the current year.
• Insider selling activity has been noted, with CFO Scott L. Burrows selling **18,428 shares** valued at approximately **$299,639**, representing a **15.83%** reduction in his stake.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "buy" rating restated by equities researchers at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They currently have a $70.00 price target on the stock. BTIG Research's price objective points to a potential upside of 370.43% from the stock's previous close.

A number of other equities research analysts have also commented on SYRE. Wedbush reaffirmed an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Wall Street Zen upgraded shares of Spyre Therapeutics from a "sell" rating to a "hold" rating in a report on Monday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $56.17.

Spyre Therapeutics Trading Down 2.9%

Shares of SYRE traded down $0.44 during trading hours on Tuesday, hitting $14.88. 967,949 shares of the stock traded hands, compared to its average volume of 475,646. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $40.26. The firm has a market capitalization of $898.75 million, a PE ratio of -4.38 and a beta of 2.87. The business has a fifty day moving average of $16.42 and a 200-day moving average of $15.84.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.24. As a group, equities research analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total value of $299,639.28. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $1,593,382.44. This trade represents a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after purchasing an additional 3,725 shares during the last quarter. Man Group plc acquired a new position in shares of Spyre Therapeutics during the 2nd quarter worth $162,000. BNP Paribas Financial Markets grew its position in Spyre Therapeutics by 300.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company's stock worth $3,343,000 after acquiring an additional 167,487 shares during the last quarter. California State Teachers Retirement System grew its position in Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock worth $497,000 after acquiring an additional 603 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Spyre Therapeutics by 10.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,812 shares of the company's stock valued at $447,000 after buying an additional 2,794 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).